Shawshank, VA 4/9/12 (StreetBeat) -- Facebook has agreed to purchase the photo sharing application Instagram for $1 billion.The app lets users take photographs, add a filter, and then share them to social networks such as Facebook and Twitter. After gaining 27 million users on the iPhone, it recently was made available on Android.
Facebook CEO Mark Zuckerberg promised to preserve Instagram's ability to share photos to multiple social networks beyond Facebook. "We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience," Zuckerberg said in a blog post. "We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook."
Zuckerberg didn't say how Facebook will make money on Instagram, which doesn't yet have advertising. He did note that it's the largest acquisition Facebook has ever made when measured by the size of its user base. Zuckerberg added that Facebook will try to boost Instagram's capabilities "by using Facebook's strong engineering team and infrastructure." The acquisition is expected to be completed before the end of June.
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